Data Literacy in the C-Suite is Not a Fad, Neither is Data

The conversation around Big Data has mostly shifted from “what is it?” to “how do we handle it?” and with this shift there has been much excitement around data scientists. But while data scientists are adept at many things, a large enterprise hoping to truly capitalize on the value in their data needs more than a team of brilliant data scientists – it needs a strategic leader capable of governing and managing the data, with the authority to enact strategy across departments.

At some organizations this has involved appointing a Chief Data Officer, and many more have appointed a senior leadership position with the same focus – but without elevating the role to the C-suite. Although the individual may not be called a CDO, it is more about the scope of responsibility than the title itself. Someone in the organization has to be ultimately responsible for the data.

Although many have been quick to brush this latest addition to the C-suite as just another fad, David Linthicum addresses this skepticism aptly when he writes:

“I’m not a big fan of creating positions around trends in technology.  Back in the day, we had the chief object officer, chief PC officer, chief Web officers, you name it.  However, data is not a trend.  It’s systemic to what a business is, and thus the focus on managing it better, and centrally, is a positive step.”

Data is not a fad. In fact, data is exponentially increasing every day, hour, and second of the day, for every business. This means many things: increasing data management challenges, increasing opportunities to better understand customers, increasing privacy concerns, increasing advantages for marketing, and much more. Of the many uncertainties surrounding Big Data, its existence now (I’m referring to the data itself, not the buzzword) and going forward should not be one of them. When the conversation surrounding Big Data dies down, it will most likely be because massive data has become the new normal, not because it has disappeared.

CDOIQ

I was invited by Peter Anlyan to speak as a panelist at MIT’s Chief Data Officer and Information Quality Symposium (CDOIQ) in July, discussing how the industry is bridging the talent gap in analytics and data science. As we in the industry are all well aware, there is more focus than ever before on quantitative professionals, but the shortage of qualified analytics professionals and data scientists  has made hiring a significant challenge for many companies.

The talent shortage is great enough, in fact, that some company representatives at the symposium expressed concern about sending their teams to Master’s programs for deeper training, lest they be poached away, defeating the investment of time and resources. While high attrition may be a frustrating symptom of the times, I’m not sure they have a choice.

Luckily, the increase in MOOC’s (Massive Online Open Courses) and various bootcamps across the country could offer an alternative to companies not willing to risk investing in a time and money into a full-fledged Master’s program. The efficacy of those methods however, depends on the strength of the program as well as the learning style of the individual, as Irmak Sirer of Datascope Analytics noted in his guest post last week.

Having just read Karen O’Leonard’s report from Deloitte, Show Me the Money: How to Secure Funding for Your Talent Analytics Case  I was also eager to hear her thoughts on HR and talent analytics at CDOIQ, as well as attend some of the other events to hear more about the  development of the Chief Data Officer position. You can read more about Karen’s thoughts from CDOIQ here, and Gregory Piatetsky of kdnuggets also had some good insights from the symposium.

The Future of the C-Suite

My thoughts on the longevity of the CDO role are that the responsibilities are the important part, not the title. Gartner predicts that by 2015, 25% of large global organizations will have appointed Chief Data Officers, so it will be interesting to see if that holds true. If we’re predicting the future in C-Level hires though, perhaps it’s time for a Chief Analytics Officer to throw their hat in the ring?

State of the Marketing Research Hiring Market 2014

As part of my guest blogger series, the Burtch Works marketing research team, Karla Ahern and Naomi Keller, will be sharing some of their articles previously published in AMA magazine. In April Karla and Naomi published the following article on the state of the market, who's hiring, and which skills researchers need to stay competitive. You can also check out a video on the AMA site with highlights from the article.

State of the Market 2014

Last summer, we looked closely at trends in market research hiring as the economy moved towards recovery. At that time, we were beginning to see steady growth in job availability as well as a renewed sense of urgency within the marketplace. As more jobs became available, candidates were going on and off the market more quickly, often interviewing and fielding offers from multiple companies. As a result, hiring authorities recognized the need to act fast to snag the best employees and critically evaluate their compensation packages. Most of this activity was happening on the client side in the pharmaceutical, technology and retail industries. In 2014, we’re seeing this growth and urgency continue with some interesting new trends.

First off, we’d be remiss not to address the few rough patches in the landscape. As the economy continues to recover, retail and restaurants have been slow to return. The difficult winter has not helped these industries and some well-known companies have begun taking a hard look at headcount.  Additionally, some CPG companies are seeing declines in market share, potentially due to consumer adoption of high quality, lower priced private label brands. However, in the field of market research, consumer behavioral changes inherently represent great opportunities for growth, and investment in research will always illuminate the best strategies to address these changes.

In our conversations with clients this year, a frequent talking point has been their recommitment to the expansion of consumer insights departments. This is great news for the industry as a whole, whether you work on the client or supplier side. Reinvestment in research should ripple throughout the industry and if corporate entities lead the charge, we’ll likely see suppliers and consultants staff up to meet the increased demand. So far, we’re seeing a split as departments expand; some are pulling their research more in-house while others are broadening their research capacity while continuing to outsource to vendors.

As a result of this growth, we’re also starting to see more Director-level roles open up. Last year the majority of openings were at the Manager to Senior Manager-level, but as companies commit to expanding their insights teams, they want experienced market researchers at the helm to guide long-term strategy and growth, and in some cases, help build a consumer insights function from scratch. This trend should prove beneficial for both junior and senior level candidates because as employees move up or out, roles will be back filled, allowing career mobility for junior and mid-level employees.

The expansion of consumer insights teams and the increase in Director level roles appears to also be contributing to an increased need for candidates with direct management experience. From manager roles upward, many of our clients are telling us that they want employees with demonstrated leadership success. Job seekers should be sure to highlight these skills on their resume and during interviews in order to stay competitive. For candidates without direct reports, we recommend emphasizing vendor management and project management experience if applicable.

After the long winter, the signs of continued job growth are clear and confidence is returning to companies and candidates. For those who were waiting out the economic slowdown, now may be a good time to start exploring the market. Even those who aren’t looking for a career change can benefit from understanding how the landscape is changing and how these new trends will affect their current role and their career overall. And as always, a conversation with your specialized recruiter is a great place to start.

My Predictions for the 2014 Analytics Hiring Market

Thanks in part to the media coverage of Big Data, analytics has become inescapable. To those who have worked in and around this industry for years this information is nothing new - merely more visible. Every day I’m hearing about more and more businesses warming to the idea that there are actionable insights readily available in their data if they know how to use it.

It is an exciting time to be a statistician, data scientist, or analytics professional, and if you thought 2013 was big, 2014 promises to be even bigger. Without further ado, here are my top predictions for the analytics hiring market:

1.)  Real-time analytics becomes increasingly important to business intelligence – Industries like the gaming industry already give their customers incentives in real-time and retailers are quickly moving toward real-time couponing. Those of you with real-time data experience will be in high-demand for these growing roles.

2.) Data scientists will be embedded in analytics groups – In addition to analysts who can build complex models, there will be an increasing need for data scientists, who with their background in analytics and computer science can wrangle massive, unstructured data sets. Companies hoping to extract the full benefit from their data sets will need a combination of both groups.

3.) If you don’t have digital you will be a dinosaur! - If your skill set doesn’t already include digital analytics your career plan should be to get experience and soon. Without it your skills will become outdated and obsolete.

4.) Sentiment analysis will continue to erode traditional survey methods – Use of social media data and other “free sources” has the opportunity to overtake traditional survey methods, which will impact the marketing research talent landscape.

5.)  Corporations will bring on internal staff to replace high paid consultants- Consultants got the ball rolling, and now companies will seek to take on full time staff.

6.) However, this will not adversely affect the consulting industry – Demand is so high for analytics experts (and continuing to grow) that there will still be companies looking to small and large consulting firms. Despite some companies hiring full time staff, the consulting industry will continue to experience growth. Heavy travel schedules will continue to be the norm for these opportunities.

7.) The trend towards wearables and PEDs will create new positions- If the buzz from CES2014 is to be believed, the wearables trend is increasing. As with any new technology that creates massive amounts of data, analytics positions will be created in the industry to make sense of and capitalize on all that information.

8.) Startups’ grip on the hiring market will loosen- I have spoken with candidates who have worked with many failed startups, and I think that this year the tendency towards hopping from failed startup to failed startup will begin to shake out. Candidates who have been through the failed startup cycle will begin to realize that to build a career it will be important to learn from an established group.

9.) Graduates from the new analytics programs will begin to hit the job market - This is not so much a prediction as it is inevitable, and I am very interested to see how well these new programs have prepared their students to enter the quantitative workforce.

What trends do you think we will see in the analytics hiring market? Let me know what you think in the comments below.

 

 

Burtch Works' Most Popular Social Media Posts from 2013

2013 was a busy year for Burtch Works’ social media accounts, and I wanted to take the time to revisit some of our most popular links this year. 

Our top links include blog posts on topics from resume writing to data science wannabes, as well as links to our original research, including salary studies and a flash survey of our network. 

Here is our social media year in review:

1.) The consulting trend is really gathering steam but the opportunity is not for everyone, which I addressed in Should You Take That Consulting Role? Here's Why or Why Not.

2.) With networking being more important than ever and holiday parties around the corner these 18 easy conversation starters from Careerealism that I posted were perfectly timed.

3.) Apparently everyone is thinking about retooling their resume, because my latest blog post Need to Rewrite Your Resume? Four Tips Before You Submit is one of the most popular posts on our social media this year.

4.) Are you a real data scientist? Or just a Data Wannabe?

5.) McKinsey put out an informative infographic on Big Data and ROI Big Data Big Profits.

6.) Lou Adler once again published a great article on LinkedIn with 5 Things You Must Not Do In an Interview, and 5 Things You Must.

7.) The Burtch Works Study: Salaries of Big Data Professionals was released in July, and Silicon Angle ran a story about lucrative salaries for foreign-born analysts.

8.) Our Marketing Research Salary Study was released in October, both salary studies and their webinar presentations are available here.

9.) Back in April I addressed the lack of urgency to hire in Help Wanted But Hiring Slow.

10.) While catching up on TEDxTalks in September I watched Big Data, Small World by Dr Kirk Borne which is definitely worth your time. He also maintains a very active twitter presence and was voted the #1 influencer on Big Data by Onalytica.

11.) In a guest post on my blog at the beginning of November, Burtch Works’ entry-level recruiting specialists shared their advice in How to Get Your First Analytics Job.

12.) Researchers at the University of Pennsylvania analyzed social media Big Data to create word clouds showing commonalities by age, gender & personality. Fascinating stuff!

13.) Forbes published my article Five Ways Marketers Can Keep Quants From Quitting in December.

14.) We tallied results from our Flash Survey for analytics professionals about how many are approached via LinkedIn about new job opportunities and how often.

15.) What Design Thinking Can Teach Analytics Professionals was an attention-grabbing article from Data Informed.

With all the attention focused on Big Data, I expect next year to be even busier as more companies look beyond the buzzword and start seeing returns on their investments. The analytics hiring market will continue to heat up, so keep an eye out for my 2014 hiring predictions blog in the beginning of January. For more career advice, blog posts and industry news throughout the year be sure to follow Burtch Works on LinkedIn and Twitter. Happy Holidays everyone!

Should You Take That Consulting Role? Here's Why or Why Not

As many companies are keeping a tight rein on headcount costs, I’m seeing an uptick in available consulting positions. An increasing number of the marketing analytics positions we’ve been working on have been with consulting firms. Although outsourcing to control headcount is not a new trend, the increase means that there could be more opportunities available to someone who is open to the possibility of a consulting role.

In our recent Burtch Works Study: Marketing Research Professionals and Burtch Works Study: Big Data Professionals we discovered that consulting pays well for both groups, and I am interested to see how the current trend affects salary and demographics over the coming years.

For someone whose lifestyle can accommodate a heavy travel schedule there are certainly advantages to taking a consulting position; since your clients may be in a wide variety of industries it is a great way to gain exposure to different industries. It is also a great opportunity to build a network beyond your colleagues. As you gain exposure with high level corporate professionals keep in mind that these connections will benefit you throughout your career.

There are several things to consider however, before pursuing a consulting position. There will almost always be heavy travel involved, with a typical schedule of Monday through Thursday traveling and Friday working in the local office. So if you have a young family or your lifestyle cannot accommodate a rigorous travel schedule, then it might not be the best choice for you.

In addition, as you take on a more senior role you will be expected to drive business and revenue, and contribute to the growth of the business, at which point business development skills will be crucial for success.

For quantitative and marketing research professionals alike the increase in consulting positions could present a lot of opportunities, but it’s always important to consider and balance your lifestyle goals with your career goals before committing to anything.

Regardless of your career goals however, you should position yourself in a way where you are the asset – your knowledge, your skills, and your unique perspective. I always advise my candidates to make sure that you are a value-add to your organization; by doing so you ensure that you will always be marketable, whether your goal is a promotion or a job change.

Your Webinar Questions Answered Part 1

As many of you know, here at Burtch Works we have been hard at work on The Burtch Works Study - a comprehensive look at the salaries of Big Data professionals. Indicative of the previous scarcity of this information, it has been downloaded over 850 times to date. About a month ago I presented the study via webinar and I am so glad that so many of you could attend! In case you missed it, both the study and the webinar are available for on our website.

 Due to the volume of questions (we had 750 registrants) I was unable to answer them all during the Q&A session so I wanted to share a few more insights on some of the other questions I received. I will be sharing these in two parts, so make sure to check back to see the rest of them posted next week.

1.) What would you recommend for a recent graduate who is hoping to become a Big Data professional? What are the most important skills to have?

LB: Securing a statistics or mathematics degree is crucial to becoming a Big Data professional. Since employers know you won’t have a lot of work place experience try to get as much experience with real, messy data sets as you can. Internships offer a great chance to test your skills and can also offer great references on your working capabilities.  They can help you figure out what you like! Some computer and government agencies have started to open their data stores, which is a great opportunity for students or beginners to practice.  Kaggle offers the chance to compete at solving challenges with real-life data sets, some of them specifically aimed at entry-level job candidates. The more rigorous your quantitative training, the better prepared you will be for the challenges ahead.

2.)  Considering the nature of the job, I think skills should play a greater role than X years workplace experience. How are assessments made regarding skill sets?

LB:  Skill sets are certainly important in the hiring consideration. Savvy with analytics and Big Data tools such as SAS, R, Hadoop etc. is continuing to be important for analytics professionals at all levels. For junior level candidates you must be able to code and tackle big challenges with these tools. For senior level professionals it is important that you maintain a strong knowledge of these tools so that you can not only mentor your team, but jump in when deadlines are tight (which is becoming increasingly true). There is no magic formula for hiring, but I agree that depth of knowledge is important and discounting a candidate solely based on the years experience criteria is a misguided approach.

3.)  I am not sure this is accurate that the bulk of the data scientist talent pool is in west coast. Boston is a huge incubator for Data Scientists.

LB:  There is definitely a large pool of what I would call “Data Scientists” working on the west coast with firms who have access to continuous streams of data. You’re right though, that there are other pockets of professionals in other regions including Boston. Firms in Boston tend to focus more on science, insurance and healthcare related industries. Data scientists have been cropping up everywhere – such as Chicago, New York, Dallas, Minneapolis – since the need for them is no longer limited to Silicon Valley.

4.)  I would love to know if you have a general cost associated with sponsoring a candidate that needs a Visa transfer. I routinely ask our legal team but they resist sharing the expense with me.  It's difficult for me fight for a candidate that is worth the investment when I don't know what the investment is. And certainly my own expectations of a candidate would also be very different if the cost is $2k versus $15k.

LB:  From what I’ve been told, the ballpark cost of sponsoring a visa is between $6k and $10k. I know it's not cheap ($2k) nor extremely expensive ($25k+).  I covered some information about the OPT/H-1B process in previous a blog post as well as more about the green card process in another blog post. For more about the residency status of quantitative analytics professionals, see this blog post.

5.) Why does the Retail industry pay so low for IC level 2?

LB:  It's an interesting question, and I'm not sure that I have an exact answer. This trend holds, though, not only in our study, but also in my experience recruiting for retailers. Generally, retail as an industry is notorious for being extremely tight with expenses due to the very small profit margins. For analytics in particular however, this inclination may be hurting retailers who are trying to compete for Big Data professionals with more competitive tech firms like Amazon and Netflix.

6.)   Did you find that salary is related to the name of the university as well? If you graduated from a top 10 graduate school will your salary be higher?

LB:  Not necessarily. Although a degree from a big-name school may boost your salary right after you graduate, the effect diminishes over time as your career success becomes the most important indicator for how your company should compensate you. Also if you didn’t graduate from a top school but were successful at a rigorous, quantitative internship that can definitely tip the scales in your favor!

7.) You mentioned that the higher salaries in the Northeast and West Coast don't come close to covering the higher cost of living there.  When candidates take new positions and move to these regions are they accepting small pay increases or increases that will cover the higher cost of living? Thank you!

LB:  In my experience, we see an average salary increase of 14% across the US and sometimes just above that for individuals in the Northeast and West Coast. We just rarely see a substantial increase, even though quant professionals are often moving from an area of lower to higher cost of living. However Big Data professionals will each have their own ideals when it comes to industry, work environment, compensation and degree of challenge at their job. Money is not the only factor to consider when evaluating a career move.

8.)  Is it fair to draw the connection between job descriptions (going down from Data Scientist to Insights Manager) and the levels of IC 1-3 and Mgt 1-3? i.e., are they linked closely enough to assume Data Scientist is IC Level 1?

LB: Very good point! That is why we kept Data Scientists and Market Research individuals i.e. Insights Managers out of the salary pool because they tend to be substantially different than the quantitative professionals. This helped achieve a consistency in results across all levels.

9.)  Since the Big Data field is relatively new, how are salaries bench-marked to know what is the right salary to expect for a role? Have your salary survey results been compared to Information Week's annual survey of IT pros or with the self reported numbers on glassdoor.com?

LB:  Salary surveys are common in other areas like IT (with reports readily available) but analytics professionals are very different therefore it would be inaccurate to directly compare the two. Glassdoor is also a good resource if you're interested in self-reported salaries from people working at specific companies.

Help Wanted but Hiring Slow

If you are actively on the job hunt, or even passively surveying the market, you have probably noticed the job boards exploding with analytic positions. In a time when the economy is making a slow but steady recovery this sounds like great news, right? Well, perhaps at first glance. According to a recent article, companies today have more openings than at any point in the past five years. The bad news? The urgency to hire isn't there.

Whenever clients or candidates ask me for my outlook on the job market, I always point out this recent trend. The lack of urgency is especially true on the senior end, with employers waiting for a perfect match and delaying hires. While I have seen first-hand the reluctance of hiring managers to jump on good candidates in analytics, this is certainly true in all industries and job categories, according to the article.

Overall, the United States Department of Labor reported that job openings rose almost 9% from January to February this year, a bigger jump than at any other time since May 2008. Hiring, however, rose less than 3%, a stable growth, but definitely not what is to be expected considering the amount of job ads we see.

I would love to see companies look beyond the time consuming and oftentimes fruitless search for a “perfect candidate” and instead focus on growing their analytics teams and hiring candidates with a broader range of talents who can work well together. We’ll see what the future holds, but for the time being we have a new normal.  

Year in Review: Good News, Bad News

It’s that time of year again when we take a look back on 2012 and begin looking forward to 2013. When evaluating the past year, I see good news and bad news.   

Raises in salary have been marginal

The bad news is that salary increases in 2012 were minimal. While we are definitely in better shape than in the years directly following the recession in 2008, companies have been focusing on cutting costs as uncertainty about growth prospects continues and, as a result, raises have been incremental.

Base pay increased by about 2.8% in 2012, a marginal increase from 2.7% in 2011. This varies significantly by city and industry, with Denver; Dallas; Detroit; and San Diego seeing higher than average increases in the 3% range, and San Francisco; Chicago; and Minneapolis experiencing below average increases around 2.7%.

If candidates want to see a good bump in pay, they will need to change jobs. Mid-level to senior people can expect an 8-12% increase in salary with junior candidates sometimes seeing slightly higher increases.

No urgency to hire

Overall, there’s a lack of urgency to hire. Junior candidates are seeing a fair amount of activity this year, but the trend has certainly been steady as you go. Clients are hesitating seeking the ‘perfect match’ and delaying hires at the more senior end (those making over $150k base). This is especially evident in certain industries, such as consumer packaged goods.  CPG firms continue to focus on costs and are not hiring, in some cases laying off and replacing seasoned workers with younger and less expensive staffers. 

Bonuses are also a factor in hiring, especially in the late fourth and early first quarters. Senior level candidates are choosing to sit tight until they get their anticipated first quarter bonus and hiring companies are reluctant to cover a lost bonus with a sizable sign-on. Instead, they are waiting to hire, or in some cases moving on to other, less expensive, prospects.   

Now for some good news

The quantitative job market has been strong, even throughout the lackluster recovery. Consulting companies, for one, continue to be on the rise and are dominating analytics. Corporations are more and more turning to the flexibility of using consulting companies to address their quantitative issues and these firms are hot to hire if you are open to the heavy travel.  I have also seen more tech companies developing their in-house quant capabilities and hiring more aggressively than other industries.

Housing market improving

One major change in just the past few months is that the housing market is looking more favorable. This means that there is less hesitation on both the client and candidate’s end to relocate for the right situation. Corporate relocation packages are coming back, whereas the pattern up until recently has been using sign-on bonuses to cover moving expenses.

A note on bonuses

Bonuses may not be back to pre-recession levels, but things are getting better and pay outs have been consistent. One of the most interesting trends that I’ve seen developing is companies paying out partial bonuses in 2012 in order to accelerate income in anticipation of next year’s higher tax rates. I have seen this come up a few times in active candidates since the presidential election and am curious what impact this will have on hiring in the next few months.

2013 – Here we come!

Every year has its ups and downs but I continue to see improvement in the job market and the quantitative arena as a whole. I’m ready for 2013, which incidentally is the International Year of Statistics. Let’s see if it lives up to the title!  

It’s been a great year at Burtch Works and hopefully for all of you as well. Have a great holiday season and best wishes from everyone here to you and yours. See you next year!

Market Research Changing with the Times

It should come as no surprise that Social Media is growing and becoming an ever larger force in marketing. As many of you might have seen in Tuesday’s front page article in the New York Times, the Social Media trend is just getting started. Almost every company has a Twitter and Facebook page and you can’t turn on the TV without being bombarded with commercials filled with hashtags and QR codes. While the sheer volume of followers is something many companies are pursuing, it’s what some companies are doing with this data that’s really impressive.

A quick visit to Frito Lay’s Facebook page is a testament to the impact Social Media has on market research. Flaunting an impressive 2.3 million ‘likes,’ Frito Lay is utilizing their Facebook following in a way that’s changing the how we collect data from consumers. The days of focus groups and surveys may be coming to an end, and in their place we see interactive and engaging methods targeting younger demographics and providing more information than traditional surveys do.

The evolution of Social Media is sure to continue and as market researchers, you must be ready and adapt to the change. Of course, what we are seeing in market research can hardly be explained in isolated instances and a few Facebook pages – there are plenty of important factors at play here. I invite you join me this Thursday, August 5^th at 11am CDT for a special webcast that explores these factors and where we are headed in the coming months and years. 

Job Distribution by Major Metropolitan Areas

A few weeks ago I shared with you which cities are hiring quantitative professionals. But what industries are prominent in which cities? Click here to find out where technology, pharmaceutical, consulting and other industries are hiring. 

Burtch Works Knows Who's Hiring!

Burtch Works Knows Where the Jobs Are!

Cool Media Project in the Works

I recently came across an interesting discussion on LinkedIn about Rick Smolan’s newest pet project called “The Human Face of Big Data.” The project is meant to shine a light on the work of the Big Data industry, and as someone who works almost exclusively with this field, I was immediately fascinated. Putting a face (or many faces) to Big Data is an extraordinary idea and it seems like the perfect time to do so.

No one can deny any more the incredible influence that data analysis has on so many aspects of our daily lives, but even so it would be brilliant to capture this influence in a photograph. Gary King was right to call this abundance of data analysis a revolution, but the truth is the revolution has been a long time coming.

For 30 years now I’ve been working with recruiting marketing scientists into the workforce and I have seen the industry evolve first-hand from a small, back-room career with limited potential into a force in the board room. This project will truly do justice to the professionals of this arena but moreover, it will allow the public to see the work we do not as some dry, mysterious science, but rather as an exciting source of good.

Can’t wait to see how it all pans out!

Big Data Hits the Big Time but at What Price

“What Are The Odds That Stats Would Be This Popular?” That was the question Quentin Hardy asked in his NY Times piece last Friday (01/26/12). If you’ve been paying attention to this blog, you’d know that the odds have been good and are getting better.

The real issue isn’t in the headline, but comes a couple of paragraphs down: “What no one has are enough people to figure out the valuable patterns that lie inside the data.” As Big Data becomes a hot news topic, the demand for skilled analysts is growing exponentially. That’s good news for new grads in the field and those who have some experience and are ready to move up.

But it’s a troubling fact for clients looking to meet their growing needs for quantitative specialists with top candidates. It’s not a field for the faint of heart. Curricula in strong programs are rigorous and intellectually challenging for students. A quantitative mind will give you the leg up, and, as is true in many areas nowadays, a confidence in your computer skills will help you succeed.

A commitment to pursue an advanced degree in analytics is also important. A Master’s degree is often required for most jobs in businesses, and sometimes a PhD is preferred. There are excellent programs offering Master’s degrees, and as the visibility of this field grows, there have been a number of new programs emerging, such as:

• North Carolina State has offered a 10-month Advanced Analytics program since 2006
• Northwestern recently announced a new Masters of Science in Analytics
• The College of Computing and Informatics at the University of North Carolina is another young program

It’s important to note that the number of graduates from programs such as these doesn’t begin to meet even the current need, and many of our upcoming elementary and secondary students aren’t getting the strong math foundation they need to compete.

The law of supply and demand will kick in eventually. What can you do in the meantime? Stay tuned here and we’ll keep you up-to-date on what’s happening. If you are a hiring authority, make short- and long-term plans for your hiring needs so you aren’t scrambling to fill positions in a tight, competitive market. And for our candidates, keep up your skills. Become and remain the best of the best. And as always, call us with questions.

Opportunity Everywhere You Look

"Everywhere you look, there's an opportunity to collect more data and then apply a statistical or mathematical approach to understanding what's happening," says Chris Kemp, chief executive officer of Nebula.

This quote comes from a recent two-part series on NPR’s Morning Edition about what they call "Big Data." It’s what we call our raw material, or more aptly, our bread and butter. And it’s everywhere.

It looks like this picture will stay just as rosy for quantitative specialists for at least the next ten years to come. What a wonderful position to be in to start the New Year!

We’re feeling pretty lucky to be part of an industry that is enjoying such stability and growth, able to weather the ups and downs of what is likely to continue to be a volatile economy. We rejoice in each of your successes, and encourage you to hone your skills, stay hands-on (even at senior levels), and learn everything you can. Make plans now to attend an industry conference (or two) next year and continue to network at every opportunity.

Wishing you and your family all the best over the holidays and in the New Year to come.

Holiday Job Hunting

The holidays are a busy time for everyone, but that doesn’t mean you should put your job search on hold. In fact, Thanksgiving through New Year's presents many unique advantages that aren’t available at any other time of year.

For 15 years, ever since I read “You Might Be Able to Get a New Job for Christmas” in the Wall Street Journal, I’ve been trying to debunk the myth that job hunting is futile after Thanksgiving. As the article notes, “In reality, job hunting can be easier during the holidays.”

Though the job market has changed during that decade and a half, holiday job-hunting realities have not. Just last December, when the economy was in the early stages of recovery, US News and World Report called the holidays “primo networking time” and a “golden opportunity”. This is especially true for quantitative candidates. Here’s why:

• You’re in demand — Our clients have openings and are hungry for the best quantitative candidates, and that hunger does not let up over the holidays.

• Candidate volume is lower — Because most people erroneously believe that the holidays are a bad time to job hunt, they put their resumes away until after the New Year. Fewer inappropriate resumes flooding decision makers’ desks mean that yours is more likely to get the attention it deserves.

• Hiring managers are under pressure to be fully staffed by year end — Often, departmental budgets that have made room for new hires will evaporate at the end of the calendar year, so hiring managers feel pressure to use it or lose it.

• Companies want key players in place to jump-start the New Year — Most of the strategic planning has been done for the next 12 months, and department heads want their teams set and ready to implement those initiatives in January.

• A general business slow down means more time — for you and for hiring mangers. Fewer work pressures mean that hiring managers can concentrate on you. A more lax schedule means more time for you to arrange interviews discretely, without interfering with deadlines.

• Offices tend to be more casual and welcoming — People are generally in a happier, more generous mood at this time of year. Take advantage of the holiday spirit.

Perhaps the most important reason to start now is that the job boards and HR inboxes will be flooded with resumes after the first of the year. Don’t squander six weeks of prime interviewing time only to have your job hunt buried in a tsunami of New Year's resolve. Use this joyful time of the year to your advantage. And if we can help you plan your holiday strategy, please let us know.

A Little Different Point of View

I see things a bit differently than the rest. I spend hours on the phone every day, talking with my candidates, clients, and industry leaders. My thoughts on the quantitative market are unique, as I'm removed enough from the thick of things to gain an overview. I wanted to share my most recent observations...

The year has been busy, and shows no sign of slowing down.

• The number of quantitative positions open due to churn in the market is now matched by the number of new roles being created by new companies in new verticals. At Burtch Works, we are seeing growth in many service, technology, and consulting organizations. Companies are either adding to their analytics staffs, or creating new analytics groups in order to meet the increasing demand for data insights.

The Corporate Hold

• It seems as though the only groups not hiring are large corporations (with the exception of retailers). Especially in the CPG and Pharmaceutical industries, corporations are tending to sit on the sidelines rather than add to their quantitative staffs. Corporations are historically not successful in developing a long-term career path for the quantitative professional. They tend to be more inclined to leverage suppliers and consultants.

The Consulting Option

• Many quantitative professionals are finding the consulting option to be attractive. In the last two years, consulting firms of all sizes have rapidly expanded. The challenge is that these positions generally require high levels of travel. Later stage professionals are generally more open to considering this move, while people with young families (in their mid-career stage) are often unable to make the commitment.

Retail is Hiring

• As mentioned, retailers are agressively building analytics staffs. Shopper Insights has become integral to decision making, and retailers have embraced customer centric marketing. This trend is partially driven by dunnhumby, and their decade long quest to lasso loyalty data. New groups are emerging, and are eager to build their teams.

Salaries are Changing

• This year it has been very challenging to recruit quantitative candidates with one to five years experience. The recession severely restricted entry-level hiring from 2008 through most of 2010, resulting in a dearth of early career talent. So when early career professionals with solid experience come on the market, they have many options. At Burtch Works, we often see a 20% plus increase in their base salaries. Mid to late career professionals do not have the same negotiating power, and are seeing more typical bumps (10%).

The quantitative job market continues to evolve and grow. Churn continues to plague organizations, but conversely, it creates opportunity for candidates to expand their experience and advance their careers. Startups are back, new groups are being created, and layoffs have (for the most part) abated--all making for a very robust market for the analytics professionals.

As always, I welcome your comments and insights. Thanks for keeping in touch.

Buried Under Data

There are times in my life when my “to-do” list trumps my “done” list so completely that being “overwhelmed” doesn’t begin to describe the situation. I’m forced to explore other options:

1. Find a twin to split the duties?
2. Consider cloning?
3. Wave a white flag, and take a nap?

So far I’ve opted to simply buckle down and tough it out (it’s only my email inbox, after all), but I don’t know what I would be tempted to try if I found myself in the situation The New York Times shed light on with their recent article, New Ways to "Exploit Raw Data May Bring Surge of Innovation, a Study Says."

Due to the integration of sophisticated computer tracking systems by businesses across the industry spectrum, the data pool is deeper than ever. The information collected is greater in not only numbers, but complexity, breadth, and influence. It is exciting to think of the potential advancements and innovations on the horizon once this data is analyzed. The actual process of getting the job done, however, is what’s daunting.

As it turns out, there just aren't enough analytically-minded individuals capable of handling the heaps of data harvested. One estimate given is that the amount of business data doubles every 1.2 years. The good news for statisticians is, their pipeline is guaranteed. The bad news for those of you looking to employ these individuals is that there is a large gap in the amount of work to be done, and the number of statisticians with the "deep analytical skills" necessary to do it. The article quotes that the US will require 140,000 to 190,000 more capable people to adequately handle the amount of data that will need to be analyzed. I don’t know where these savvy people are going to come from—the quantitative work force simply isn’t there.

The quantitative market is already so tight (it always has been). This rise in raw data is going to cause that pressure to build tremendously. As encouraging as it is on one hand to see the industry advance, it’s more than a little overwhelming (and ominous, frankly) to know that there simply aren’t enough people to satisfy the need.

No easy answer for this one.

More information from The New York Times can be found here: http://nyti.ms/j5DyfK.

The more detailed data you have to draw from, the more informed your business decisions can be, and the more profitable your business can become. Old news, I know, but sometimes it's nice to be reminded that analytics are relevant-- vital even, to the success of commerce.

A recent article in The New York Times claims that companies who implement "data-driven decision making" are five to six percent more profitable than those that rely on other factors (even those who choose to invest in technology). A five percent lead may sound minimal, but it's significant in today's market.

It takes a bit of time for the data to reduce down from meaningful patterns to actionable insights. The benefits of analytical input are only visible after the company has had time to adopt the new methods realized through analysis. It takes time then, to analyze the analysis, and what we're left with are visible results, a decade in the making. Regardless of the time frame, the reaction is worth it. Companies across the industry spectrum are investing in analytics, creating a noticeable boost in the number of positions available for statisticians and their cohorts.

Statistics are a key to growth. You may have known it all along, but it's good to see the masses do the math.

To read more about data-driven decision making, check out this New York Times article.

2011's Number One Game - Musical Chairs

Forces are building rapidly that will result in this year being one of the biggest for employee turnover in decades. Historically, there is a significant and natural increase in employees leaving current employers as the economy gains momentum and more job opportunities open up. After years of job insecurity, reduced or no bonuses, salary freezes or cuts, benefit reductions, and budget squeezes, employees are once again in the driver's seat - and they are on the move.

Itchy feet are natural during the course of a long career. People want to broaden their skills, take on bigger challenges, and be able to cultivate their professional networks. They crave an environment that will provide those opportunities. We are now on the upside of a V-shaped recovery for quantitative employment and, in addition to a significant increase in new jobs, we are seeing a tremendous increase in natural churn. This presents an enormous challenge for staffing in our quantitative specialty, as well as in all technically-based professions.

What can quantitative managers and human resources people do to stem this flow? Some ideas:

• Money isn't everything - but let's face it, it's important, especially early in a career where personal demands of a new marriage, home purchase, and growing family push all the financial buttons. If you froze compensation during the recession, reverse or reinstate salary increases and bonuses and get things (at least) back to normal.
• Make your employees more marketable - counterintuitive, right? Quantitative professionals hunger for opportunities to use the best tools and to stay abreast of the latest research in their fields. It's essential to promote these opportunites continuously to your staff, or risk losing them to more attractive experiences.
• Feedback, especially constructive criticism, is welcomed. Yes, really. People always want to be recognized for what they are doing well, but they also want to know how they can be and do better. Quantitative managers can be wonderful bosses, but sometimes are not the best at delivering helpful criticism. Get over it - it's essential for growing and developing your staff.

Shifting economic tides require flexibility, vigilance, and the ability to look ahead. But you don't need a crystal ball to plan as the economy rights itself. All you really need is a little common sense. Attrition is a natural consequence of an upswing, but you won't lose all your best players as long as you consider what they need to stay happy, challenged, and motivated.